Corporate facts...

While working in a corporate culture, you may face very idiotic situations where you will find yourself so depressed and it will give you a sign of “job dissatisfaction”. One who wants to sustain in industry for longer time then it is utmost important to adopt some basis skillsets at his work. Once you are tied up with your company which is having global presence, your profile is not limited only to your domain / core area. You will be forced to handle unrelated assignments. Despite of this, many people have successfully achieved required skillsets. If you consider following aspects at your workplace, highest position will knock your door soon! Following factors are most effective time wasters in the corporate:

1.      Unwanted telephone interruptions /  calls where you are completely unlinked

2.      Unwanted meetings where you play NIL role

3.      No clarity of action plan

4.      Unwanted resources involved in simple tasks

5.      Rigid processes for execution

6.      Half information

7.      No support from other team members

8.      Escalation tactics

9.      No team work

One of my senior educated me by saying this: 80% of our time wastes to accomplish only 20% of our objects. I feel abovementioned situations are fit case fordisturbance of your corporate growth. TEAM WORK with a proper discipline is essential for corporate growth.

Manage your time effectively:

1.      Block your outlook calendar regularly and from time to time

2.      Plan your personal leaves in advance and keep your boss in loop in well advance

3.      Delegate a right work to right subordinates at right time

4.      Set realistic goals

5.      Short term, medium term and long term planning is important

6.      Prioritize your assignments in the criteria: URGENT>IMPORTANT>ROUTINE

7.      Set deadlines and then start working

8.      Do not work to achieve deadlines, work to achieve objectives in the deadlines set

9.      Outsource routine work to outside consultants which will help you to save your time

10.  Concentrate on managerial decision making process instead of execution of task

These are very small things which will enhance your corporate skillsets in your organization. If you stick to one management principle “Work your plan – plan your work”, I believe 5 days a week will be more than sufficient for you‼!

By:
Ishan Kulkarni

Embezzlement Techniques Illustrated In Arthasastra

1. What is collected earlier is accounted later

2. What is collected later is accounted earlier

3. What ought to be collected is not collected

4. What is hard to collect is shown as collected

5. What is collected is shown as not collected

6. What is not collected is shown as collected

7. What is collected in part is shown as collected in full

8. What is collected in full is shown as collected in part

9. What is collected is of one sort, when what is entered is of another sort, e.g. rice in place of pulses

10. What is realized from one source, is shown as realized from another source

11. What is payable is not paid

12. What is not payable is paid

13. What is payable is not paid in time e.g. delaying payments with a view to receive a bribe

14. What is payable is paid earlier e.g. payment before due date for a consideration

15. Small gifts are accounted as large gifts, when giving gifts

16. Large gifts are accounted as small gifts, when receiving gifts

17. What is gifted is of one sort, when what is entered is of another sort

18. Beneficiary entered in register is different from the one who received the gift

19. Materials received in treasury is removed or materials not received is accounted as received

20. Raw materials paid for are not accounted in the stores, while those that are not paid for are entered as received in stores

21. An aggregate amount received is entered as parts, e.g. tax received from a village is shown as tax received from individuals

22. Parts received are entered as an aggregate, e.g. tax received from individuals is shown as tax received from a village

23. Commodities of greater value exchanged for those of smaller value

24. Commodities of smaller value exchanged for those of greater value

25. Value of goods inflated, by increasing the price

26. Value of goods deflated, by decreasing the price

27. Number of days increased, e.g. with a view of misappropriating wages

28. Number of days decreased, e.g. with a view to collecting lower taxes

29. Discrepancy in the number of months in a year, e.g. not accounting for transactions in all the months

30. Discrepancy in the number of days in a month, e.g. not accounting for transactions in all the days

31. Inconsistency in the transaction carried on under personal supervision

32. Misrepresentation of the source of income

33. Inconsistency in accounting for charities

34. Incongruity in representing work done, e.g. superintendent of boats misappropriating ferry dues, under the false plea that only Brahmins crossed the river

35. Inconsistently in dealing with fixed [regular] items

36. Misrepresentation of the standard of fineness of gold and silver

37. Misrepresentation of the price of commodities

38. Using false weights and measures

39. Deception in counting articles

40. Use of false cubic measures

 

The article is extracted from the book titled “Corporate Disclosures: The Origin of Financial and Business Reporting 1553—2007 AD” by Shankar Jaganathan. ~Via the internet

Lessons I Learnt From a Client

Here are a few lessons I took from a client while working for them. I hope these are only a FEW from many many more to come.

1. Started with a Failed Attempt: They started their entrepreneurship journey with a failed attempt, but later changed tracks and reinvented themselves. They struggled initially but later on figured how to make things happen.

Lesson: So Entrepreneurs, it’s okay to have a few "issues" here and there. What matters is the attitude to fight and survive. 

2. "Job" Comfort "Monetary" Comfort is a distant dream:They don't know whats in store for them in the future however their spirit keeps them going. They are out there to create their destiny.Tirelessly working day in and day out to make their dreams come true.....

Lesson: Rings that feeling? This is not really a lesson, but a comfort feeling that yes here are the future leaders of the industry...

3. Passion never ceases:Using your entrepreneurial skills to fulfill your passion towards cricket and football (sports)..?? Heard of this..? You will hear it soon...

Lesson: Do what you love, and love what you do. Have a goal and put all your energies in achieving the same.

4. Persistence: ....

Lesson: One of the most vital qualities needed to succeed in business. 

I can draw the same lessons by looking at Sachin Tendulkar. For startup's these pointers should help... 

The path chosen is correct, way to go guys, all the best from Team Propelis.

One Person Company (OPC)

After the implementation of new Companies Act, 2013, the concept of "One Person Company" has become buzz word. Corporate industry recognizes only one type i.w. "Limited Company:. Nowadays Limited Liability Partnership vehicle is getting best response because its own advantages. I was studying new rules and regulations of OPCs and found interesting stuff in this. Less complex structure, less legal formlities, easy conversion option into Private / Public Limited Company and less Government intervention are the plus points of OPC. Any person who is running business as a proprietor may consider this option. The biggest benefit is it gets "Corporate" status being a legal entity formed under the Companies Act.

While analyzing few provisions of the Act, it is clear that this is a small vehicle like Maruti 800 and not any other hatchback or sedan car. You cannot drive your Maruti 800 on expressways with full speed because of its own limitations. I believe you will understand this example! Let me come straight to the point. OPCs have its own limits, once you gets close to maximum limits, by virtue of law, your OPC will get converted into Private / Public Limited Company. Provisions of the law states that when any OPC crosses a turnover of Rs. 2 crores or paid up capital exceeds Rs. 50 lakhs, you have to switch onto Limited Company without any option. I think for small businessmen or traders can take advantage of this form of vehicle at initial stage at least for 2 years. Because once you form OPC, you cannot apply for conversion before expiry of 2 years from the date of formation. 

I am sure coming days will decide the direction and the good response to One Person Companies, otherwise LLPs have already proven excellent form of an organization.

--Ishan Kulkarni

Background To The New Companies Act, 2013

My concentration generally has been Startups, Entrepreneurship Funding etc however I was recently reminded by my Partner that we (Team Propelis) has to start studying the new Companies Act, 2013 as the new legislation is now a law (pending implementation)..

The Series of blogs will be posted on the Subject 'Companies Act, 2013" based on the discussion/training sessions conducted/held at our Propelis Offices. These posts are for reference purposes only and should not be used for forming legal opinions or legal actions. We welcome different opinions and would love to hear yours too. 

The Background: 

Companies Act, 2013 (2013 Act) is set to be implemented from 1st April 2014 and the buzz around is that all the sections will be notified from this date in a phased manner. So why so much importance for this act? We pondered.... 

The 2013 Act lays down far more enhanced self-regulation rules coupled with higher emphasis on corporate democracy and provides for amongst others, business friendly corporate regulation (atleast on paper)/ pro-business initiatives, e-governance initiatives, good corporate governance requirements, Corporate Social Responsibility (CSR) requirements, enhanced disclosure norms, enhanced accountability of management (tighter rules), stricter enforcement, audit accountability, protection for minority shareholders, investor protection and activism and better framework for insolvency regulation and institutional structure.

The next post shall be regarding the Key Highlights and from there Team Propelis shall update a separate blog for each section/or a set of sections... Keep reading and commenting...

Which Five Things Hold you Back From Becoming Successful

Here is a list of five things which I feel hold you back from becoming "successful"

1. Not believing in yourself.

2. Not taking that one extra step to reach your goals

3. No planning

4. Trying to go solo

5. Not understanding your weaknesses

Remember: those who can, do! 

So go out and chase your goals.